GK
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Psychographic factors
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Demographic factors
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Geographical variables
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All of the above
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Detailed explanation-1: -Market segmentation is the process of dividing up mass markets into groups with similar needs and wants.
Detailed explanation-2: -Market segmentation involves dividing a large homogenous market of potential customers into clearly identifiable segments. Customers are divided based on meeting certain criteria or having similar characteristics that lead to them having the same product needs.
Detailed explanation-3: -Geographic segmentation divides the overall market into homogeneous groups according to population locations.
Detailed explanation-4: -According to Philip Kotler, “Market segmentation is the sub-dividing of market into homogeneous subsets of customers, where any subset may conceivably be selected as a market target to be reached with a distinct marketing mix.”